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Upwork Inc. UPWK Ratios & Valuation

Q2 '26Q1 '26Q4 '25Q3 '25Q2 '25
Profitability
Gross margin77.2%-0.6pp77.5%-0.2pp77.8%+0.4pp77.8%+1.0pp77.8%+1.7pp
Operating margin15.1%+1.4pp15.6%+3.8pp16.4%+7.9pp14.7%13.7%
Net margin12.9%-18.8pp13.8%-16.7pp14.7%-13.4pp31.6%+20.4pp31.7%+21.7pp
Returns
Return on equity16.7%-33.9pp18.8%-31.0pp19.1%-25.9pp47.5%+24.8pp50.6%+28.3pp
Return on invested capital15.1%-11.5pp15.2%-4.8pp20.3%+5.6pp28.8%+8.3pp26.6%+9.2pp
Efficiency
Asset turnover0.6×-0.1×0.6×-0.1×0.6×-0.1×0.7×-0.1×0.7×-0.1×
Liquidity
Current ratio1.4×-1.9×1.4×-2.0×1.5×-1.9×1.4×-1.7×3.4×+0.4×
Leverage
Debt-to-equity1.2×+0.6×1.3×+0.7×0.6×-0.1×0.6×-0.3×0.6×-0.4×
Net debt / EBITDA0.4×+1.5×1.3×+2.8×-0.7×+1.0×-0.8×+1.0×-1.1×-0.5×
Per Share
Book value per share$4.70+8.3%$4.20+0.9%$4.48+11.5%$4.50+52.4%$4.34+66.2%
Valuation
Market capitalization$1.16B-26.0%$1.43B-19.2%$2.59B+18.5%$2.46B+79.3%$1.75B+19.7%
Price / earnings11.4×+5.0×13.1×+5.6×22.4×+12.3×10×-6.0×7.1×-12.6×
Price / sales1.5×-0.6×1.8×-0.5×3.3×+0.4×3.2×+1.4×2.3×+0.3×
Price / book1.9×-0.7×2.5×-0.5×4.1×+0.3×3.9×+0.6×2.9×-1.2×
EV / EBITDA8.1×-3.4×10.7×-4.4×16×-9.6×17.1×+1.7×13×-7.5×

FAQ

What are Upwork Inc.'s profit margins?
Upwork Inc. (UPWK) runs a 77.2% gross margin and a 15.1% operating margin, with a 12.9% net margin.
Where do Upwork Inc.'s ratios come from?
Every ratio is computed from Upwork Inc.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.